Central Bank was established in 1911, and was the first bank that was fully owned and managed by Indians. It’s among the top public sector banks with a large network in over 29 states and 6 union territories with 4695 Branches, 4 Extension counters, along with 29 Satellite Offices throughout the length and breadth of the country. Their wide range of corporate clients include ICICI, IDBI, UTI, LIC, HDFC to name a few. Central Bank plays an increasingly active role in promoting the key areas of agriculture, small scale industries as also medium and large industries.
The eligibility for the Central Bank Personal Loans is bifurcated into the 7 types of Personal Loans - Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners. As well as few speciality personal loans - Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan
For the Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners the eligibility criteria are below:
|Particulars||Personal Loan Scheme (Corporate)||Personal Loan Scheme (Non Corporate)||Personal Loan to Pensioners|
|Eligibility||Permanent employees of large corporate Clients.||Permanent Employees of Railways, Government and state institutions, schools, Hospitals etc, has completed 5 years of service and drawing salary through our branches.||Pensioners / Family Pensioners drawing pension through our Bank’s branches. The Pensioners getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their saving accounts with our branches are also eligible. Pensioners/Family Pensioners of our Bank.|
|Loan amount||20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan.||20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan.||Pensioner aged up to 75 years - 18 months pension to a maximum of Rs. 5, 00, 000. Pensioner aged above 75 years - 12 months pension to a maximum of Rs. 2, 00, 000.|
|Repayment||36 months - EMIs||48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement||Scheme of this Personal Loan to Pensioners is available as a term loan and overdraft facility.|
|Processing Fees||Rs. 500 per proposal||Rs.500/- per proposal. (complete waiver of processing charges if the salary account is with Central Bank.)||NA|
For the speciality personal loans like Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan the eligibility criteria is below:
|Particulars||Cent Teacher||Cent Ratna Scheme||Cent Personal Gold Loan||Eligibility||Permanent Teachers,employees of schools/colleges/universities and other Educational and Research Institutes whose salary routed through the accounts maintained with their branch||Permanent employees of any Maharatna/Navratna/Major PSUs, this isn't available for speculative purposes.||Overdraft/Demand loan against the pledge of 22carat gold ornaments or coins sold by Central Bank||Loan amount||20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan.||20 times of gross salary with a maximum Rs. 6, 00,000||Minimum: Rs 10,000 Maximum: Rs.20,00,000||Repayment||48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement||60 months Installments to commence one month after disbursement||12 to 36 Months, in the case of an overdraft facility. Amount will be reviewed annually.||Guarantor/Security||Personal guarantee of one co-employee with net worth equal to loan amount.||Personal guarantee of one co-employee with net worth equal to loan amount.||Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank.||Processing Fees||Rs. 500 per proposal||NA||0.5% of the loan amount plus applicable as an appraiser fee. In case of an OD renewal charges 0.25% of limit.|
The Cent Suvidha Personal loan as well has the below eligibility criteria:
The eligibility for a Central Bank personal loan can be affected by multiple factors, they are mentioned below:
Central Bank ensure to check your CIBIL score and credit report before your personal loan is approved. The score of 750 and above is a very high chance of getting your loan approved. CIBIL credit report covers all aspects of your financial credit value and gauges your repaying ability. Your credit report from CIBIL includes repayment of your credit cards, previou loans, and payment patterns. It also keep a check on the settlements with any lenders if any for being unable to keep up with the installments.
Steps that will help you increase your chances for eligibility for a personal loan with Central Bank
A. Pensioners are eligible under the Personal Loan to Pensioners provided by Central bank.
A. The maximum age of eligibility for pensioners is no bar, but the amount of loan differs for different ages, a pensioner up to 75 years will be allowed a personal loan of maximum Rs. 5, 00, 000 and a pensioner above 75 years will be allowed a personal loan of maximum Rs. 2, 00, 000
A. No. Students aren’t eligible for Central Bank personal loan.
A.Yes, the Personal Loan(Corporate and Non-Corporate) applicant has to have their salary routed through the account maintained by Central Bank, also provide an undertaking should be submitted to debit the loan amount from the salary. Cent Ratna Scheme has to be a co-employee worth at least the loan amount to stand as guarantor. The security for the Cent Personal Gold loan is the pledged ornaments and coins. The Cent Suvidha loan requires an undertaking from the employer to credit the monthly salary in our bank maintained account.
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